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Covid-19 update: ‘Bank branches have enough cash’, assures Finance Ministry
A finance ministry spokesperson said banks come under essential services and it will continue to function to ensure that relief measures announced by the government on Thursday could reach the targeted beneficiaries.
The Union finance ministry on Friday assured customers that all automated teller machines (ATMs) and banks’ branches have sufficient cash and there is no plan to close branches. The assurance came after the Indian Banks’ Association (IBA) appealed to customers to visit branches only in case of an absolute necessity after the 21-day nationwide lockdown started since Wednesday to contain the spread of the coronavirus disease (Covid-19). The IBA is an apex body all banking and financial institutions in the country.
“Don’t trust rumours of branch closures! Customers are requested to stagger the arrival at branches etc,” department of financial services (DFS) secretary Debasish Panda said in tweet.
The IBA also assured the said, “Avoid believing in rumors, approx 1,05,988 branches are operational.”
Several banks are, however, rationalising branch operations to minimise the physical interactions of their officials to protect them from the Covid-19 outbreak.
A finance ministry spokesperson said banks come under essential services and it will continue to function to ensure that relief measures announced by the government on Thursday could reach the targeted beneficiaries.
Union Finance minister Nirmala Sitharaman on Thursday unveiled a Rs 1.7 lakh crore package under the Pradhan Mantri Garib Kalyan Yojana that includes an additional transfer of foodgrains for three months, direct cash transfer to accounts of vulnerable sections of the society and insurance support to those in the frontline of the battle against the pandemic.
“The government has ensured that the beneficiaries of the Pradhan Mantri Garib Kalyan Yojana do not face any problem in withdrawing the relief money,” the spokesperson said.
The IBA urged customers for maximum use of online banking. “Our employees are also facing the same challenges that you all are and so, we are asking for your help too,” it said in a statement.
It specified services, which are available physically at branches from Friday onwards, including cash deposits and withdrawals, clearing of cheques, remittances, and government transactions.
The IBA specified measures to be observed by the customer in a bid to protect banks’ employees such as avoid touching counters and maintaining proper distance; using gloves, sanitisers and masks while entering branches and maintaining 1-1.5 metres distance between each other in the queue. Up to six customers would be allowed to enter a branch at a time, while senior citizens and children have been advised to stay away.
